Michael Hudson has become famous in recent years. The Financial Times credited him with forecasting the 2008 financial crash and its aftermath. His “magnum opus,” Super Imperialism, now in its third edition, was the first explanation of how going off the gold standard in 1972 allowed the US to force other nations to pay for its wars, while becoming indebted to US banks and financial institutions.
Now, in The Destiny of Civilization: Finance Capitalism, Industrial Capitalism or Socialism, Hudson provides a series of lectures on neoliberalism to Chinese economic planners, meant as a contribution to ongoing Chinese debates about the direction of the super-successful Chinese economy. (This level of trust is shared by few other US economists, notably Jeffrey Sachs and Joseph Stiglitz.) Hudson explains how Washington’s aggressive neoliberalism, bolstered by military force, is backfiring. In one of his many articles in recent months, Hudson says:
The US/NATO confrontation with Russia in Ukraine is achieving just the opposite of America’s aim of preventing China, Russia and their allies from acting independently of U.S.
— source counterpunch.org | Dee Knight | Aug 8, 2022